These are the no frills, whistles or bells, type of credit card that offer an interest rate which is lower than the standard rate of around 17%. There are two main types of Low APR Credit Cards: the first type offers a low introductory rate that increases to a higher rate after a certain period of time, the other main type of Low APR Credit Card offers one low fixed rate of interest. They are best suited for those of us that usually pay off only the minimum balance, or those of us that do not like constantly changing our credit card lender to take advantage of introductory deals. Make sure that you are clear in your own mind just exactly how long the low APR applies for, which will allow you to plan accordingly and not get a nasty surprise when the low APR reverts back to normal.

Is a Low APR Credit Card right for me?

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If you think that you will be repaying your outstanding balance over a long period of time, then a Low APR credit card may well be the one for you. However, if it is especially the low interest rate that attracts you, then you should be aware that certain types of spending attract different rates of interest. While you know that you’ll pay the lower rate on your transferred balance, if you take out any cash, or do any online gambling, you’ll end up paying an even higher rate than the standard APR - as high as 30 per cent with some cards. Before signing on the dotted line, make certain that you have read and understand the terms and conditions offered by the credit card lender.

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